The attorneys at GillespieShields practice family, employment, civil, criminal, and immigration law.
High-Asset Divorce: Three Common Challenges
High-asset divorces often entail unique challenges because so much is at stake. Couples in this situation should be cautious in how they proceed to avoid common challenges while in the process. Developing awareness of these challenges can help you be better prepared to face them.
1. Shared Businesses
Couples that share a business may face complications on multiple levels when seeking a divorce. A shared livelihood is not so easily broken into what’s “his” and “hers.” One pivotal concern is how the business equity will be divided. A complex valuation of the business must first take place to determine the business’s fair value. The couple must then decide whether one spouse will buy out the other’s shares, or if it is feasible for them to continue to share interests together.
2. Dividing Property Equitably
The division of a couple’s shared property is not simply a matter of dividing it into two equal halves. The law mandates that the Court divide the property equitably, but in some instances an equitable division may not be the same as an “equal” division of your assets. It is important to understand these factors in order to prepare for unanticipated results when the Court makes its decision.
3. Confronting Hidden Assets
“Financial infidelity” occurs when an individual tries to hide certain assets in order to retain them for themselves and prevent an equitable division with their spouse. Examples may include secretly opening a new bank account, making large purchases without consulting your spouse, or opening a new business. Hiding financial activities from one’s spouse is inadvisable, as dishonesty most likely will not play out in your favor in the end.
There are many other challenges facing individuals involved in high-asset divorce matters. Given the complexity of these matters and the high stakes at issue, it is important that you have the support of a skilled attorney who has experience in both family law and high-asset cases.
Our Attorneys can Assist in Filing for Divorce
The attorneys at GillespieShields have decades of experience helping couples through the complexities of the divorce process in Phoenix, AZ. Please call us at 602-870-9700 (Phoenix) or 480-985-4000 (Mesa) or contact us to request a consultation today.
The information contained on this site is not, nor is it intended to be, legal advice. You should consult an attorney for legal advice concerning your individual situation. We welcome you to contact us via phone, electronic mail, or through this website. However, contacting us does not create an attorney-client relationship. Please do not send us confidential information until such time as an attorney-client relationship is established.